The bears have been shadowing the cryptocurrency market for more than a month now. However, the crypto market is still under bearish pressure where the Bitcoin price is consolidating below $30,000 again and again.
At the time of reporting, Bitcoin is changing hands at $29,429 with a downfall of 2.75% over the last 24hrs.
Bitcoin Bottom Is Over
According to stock-to-flow (S2F), PlanB, the bear market cycle has almost come to an end now because the action between Realized Price Moving Average (RPMA) <1 and Relative Strength Index <50 has been optimistic towards a buy signal. Yet PlanB believes it will take some time before RPMA and RSI will see a shine again.
Lately, PlanB has revealed that Bitcoin is about to create a new bottom for the upcoming bull market. This week the Bitcoin trend has followed as per PlanB’s prediction where the price bottomed near $28,500 level.
However now PlanB took to Twitter revealing the reports that said the broken market has come to an end and soon the price could see a rise. According to PlanB’s belief, RPMA and RSI are pointing towards Bitcoin’s bottom.
However, a rebound could be seen in 6-9 months (like in 2014 and 2018/19) or 1-2 months (as in 2011 and 2020). Currently, Bitcoin is trading sideways towards the $30,000 mark.
PlanB also found a link between the US stock market and Bitcoin, particularly the S&P 500 and Bitcoin. Since November 2021, both the stock market and Bitcoin have declined.
Meanwhile, at present, the S&P 500 is in a bear market, where it has dropped over 20%. According to analysts, Long-term investors may benefit from Bitcoin accumulation at the present price.
However, though PlanB believes the bear market is over, his followers still feel the bear market is not over yet because of Bitcoin halving. As per the trend flow, October will be the bottom, and the bitcoin price will confirm a return.
On the other hand, if the bear market ends in 1-2 months and the 2Y realized price and RSI make a v-shape recovery, the market will be in good health. In a year, a new all-time high might be reached.